Risk Management: Techniques to Identify & Analyze Project Risk Factors

Risk management plays an essential role within the software project management life cycle. In fact, all the projects have some potential risks. Hence, in order to identify them, it is possible to pay specific attention to some specific tools and techniques. They include: 1) checklist analysis; 2) documentation reviews; 3) diagramming techniques; 4) SWOT Analysis; 5) expert judgment; and 6) information gathering techniques.

Let’s determine at least three techniques that can be used to identify and analyze project risk factors.

SWOT is one of the most effective tools in the strategic management. The essence of the SWOT analysis is to analyze the internal and external factors of the company, risk assessments and competitive products in the industry. The first step in conducting a SWOT analysis is to identify the strengths and weaknesses of the product or service. To do this, make a comparative analysis of the company’s internal resources or goods to key competitors:

Strengths are such internal characteristics of companies that provide a competitive advantage in the market or a more advantageous position compared to competitors. Weaknesses or defects of the goods or services are such internal characteristics of the company that impede business growth, and are uncompetitive on global the market.

Diagramming techniques are tools to determine the presence and the importance of links between elements, objectives, functions or characteristics of the object examination. It is a table that includes the elements which you want to link together.

Expert judgments are methods of organizing work with specialists and processing of expert opinions. These opinions are usually expressed in a quantitative way, partially in a qualitative way.

They are very essential when it comes to minimizing project cost overruns, schedule delays, and defects. They can be minimized through quick and competent work of all employees who are focused on the productive work for the company.  All in all, it is possible to use a goal-driven approach to identify risks and consider “goals beyond schedule, budget and quality and realizes the importance of motivating project stakeholders in particular customer/user to take an active part in the software project” (Islam, 2011, p. 4).

References

Islam, S. (2011). Software Development Risk Management Model- a goal-driven approach. Retrieved from https://mediatum.ub.tum.de/doc/1002328/1002328.pdf.

The terms offer and acceptance. (2016, May 17). Retrieved from

[Accessed: January 20, 2022]

"The terms offer and acceptance." freeessays.club, 17 May 2016.

[Accessed: January 20, 2022]

freeessays.club (2016) The terms offer and acceptance [Online].
Available at:

[Accessed: January 20, 2022]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: January 20, 2022]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: January 20, 2022]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: January 20, 2022]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: January 20, 2022]
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